Hines Acquires Industrial Property In South San Jose From Shoe Palace For $19.9M
644 Piercy Road, San Jose, California 95138, United States
$19,900,000
$50/SF
Building Size
396,396 SF
Asset Type
Industrial
Closing
Jun 14, 2022
AI
Located in South San Jose, the industrial property at 644 Piercy Rd. has been sold in a recent transaction. With a sale date of 06/15/2022, the property was acquired for a price of $19,900,000.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $19,900,000
- Address: 644 Piercy Rd.
- Market: South San Jose
The buyer in this transaction was Jeffrey Hines and Laura Hines-Pierce, representing Hines. On the other side, the seller was George Mersho, known for Shoe Palace.
Players
San Jose Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93